Market activity intensified sharply during the week, but the surge in transactions failed to prevent the benchmark index from falling by 1.20 percent……
Trading activity on the Nigerian Exchange (NGX) Limited recorded a major jump this week, with investors exchanging 12.15 billion shares valued at N176.06 billion across 224,146 deals.
The latest turnover represents a 126.78 percent increase in trading volume compared with the 5.36 billion shares worth N139.05 billion traded in 261,869 deals during the previous week.
Despite the dramatic increase in the number of shares traded, the stronger activity did not translate into a positive performance for the broader equities market.
The NGX All-Share Index (ASI) declined by 1.20 percent, closing at 242,619.20 points, compared with 245,573.07 points recorded at the end of the preceding week.
Market capitalisation also fell by 1.19 percent to N156.62 trillion, down from N158.51 trillion a week earlier.
Financial Stocks Drive Market Activity
The financial services sector remained the dominant force behind the week’s trading activity, accounting for 11.21 billion shares worth N88.99 billion across 102,246 deals.
The sector alone contributed 92.25 percent of total equity turnover by volume and 50.55 percent of the market’s total traded value.
The ICT sector came a distant second, recording transactions in 246.13 million shares valued at N51.61 billion across 27,169 deals.
The services sector ranked third, with investors trading 198.20 million shares worth N2 billion in 13,747 deals.
Much of the week’s activity was concentrated in three equities: Fortis Global Insurance Plc, Cornerstone Insurance Plc and Consolidated Hallmark Holdings Plc.
Combined, the three stocks recorded 9.49 billion shares worth N36.22 billion in 1,781 deals.
Their combined volume represented 78.07 percent of total equity turnover, while their value accounted for 20.57 percent of the total value of shares traded during the week.
While the overall market finished in negative territory, several stocks recorded strong price gains.
Trans-Nationwide Express Plc emerged as the week’s biggest gainer, climbing from N2.15 to N2.84, representing a 32.09 percent increase.
International Energy Insurance Plc followed closely, gaining 31.68 percent as its share price rose from N4.04 to N5.32.
Sovereign Trust Insurance Plc also advanced, moving from N1.67 to N1.90, a 13.77 percent gain.
Chams Holding Company Plc recorded a 12.25 percent increase, with its share price rising from N4.08 to N4.58.
CWG Plc rounded out the top five gainers, advancing 9.74 percent from N19.50 to N21.40.
On the other side of the market, Ava Capital suffered the steepest decline of the week.
Its share price dropped 34.55 percent, falling from N11 to N7.20.
Unilever Nigeria Plc recorded the second-largest decline, losing 18.94 percent as its share price fell from N145.95 to N118.30.
Zichis Agro-Allied Industries Plc declined by 15.08 percent, moving from N21.55 to N18.30.
Thomas Wyatt Nigeria Plc also lost ground, falling 14.33 percent from N3.21 to N2.75.
Dangote Sugar Refinery Plc completed the list of the five biggest losers, with its share price declining 11.58 percent from N73 to N64.55.
The week’s figures highlight a market where trading activity expanded dramatically even as investor sentiment remained under pressure, with the substantial increase in turnover failing to lift the benchmark index.
